South African chain store operators, Shoprite Holdings Limited, has reported plans to sell its retail outlets Nigeria after recording poor sells.
While it has might a slight profit outside operation in Nigeria, reports released on Monday show negative growth in Nigeria.
The report said, “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the megastores with presence in virtually all parts of Nigeria said the retail supermarkets arm will be disposed.
“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.”
Shoprite said, “As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”
Shoprite has been in Nigeria for 15 years and has some 25 retail store across the country.